"We will start our business by September. We are in the process of getting regulatory clearance from the Insurance Regulatory Authority of India for our products," DPLI Chief Executive Officer Kapil Mehta said.
The company would begin its operation with a paid-up capital of Rs 110 crore. Of the total paid-up capital, DLF would contribute 74 per cent and remaining would come from its foreign partner Prudential Financial.
However, the paid-up capital is expected to go up to Rs 1,000 crore in the next 6-7 years, he said.
Currently, there are 19 life insurance players in the country, the latest entrant being Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. The company started its business earlier this month.
Mehta said initially the focus would be Delhi and Punjab region for distribution of policy. The venture would also leverage DLF strength in distribution.
"With more than 130 years of experience in delivering insurance and financial products around the world, Prudential Financial is the perfect partner to work with us to establish a market-leading and highly differential life insurance business in India," Mehta said.